FX.co ★ New Zealand Stocks Rebound

On Friday, New Zealand's S&P/NZX 50 index increased by 0.4%, closing at 13,489, effectively recovering from the previous day’s decline. This uptick in market sentiment was supported by consumer confidence data reaching a five-month high, indicating an economic upturn. The rebound was largely driven by heavyweight stocks such as Infratil, which rose by 2.5%, a2 Milk with a 0.8% increase, Ebos Group advancing by 2.0%, and Spark NZ up by 0.9%. Other notable gainers included Fletcher Building and Summerset Group, both up by 2.1%, Heartland Group, which climbed 0.9%, and Stride Property, which increased by 1.1%. In the tech sector, ikeGPS Group surged by 7.9% to reach a two-week high following a 47% jump in subscription revenue, while Rakon saw a 5.95% rise as it reduced its half-year losses due to higher revenues. Over the week, the NZX 50 recorded a 0.5% gain, although it experienced a 0.4% decline for the month, marking the end of a six-month trend of gains.